Carbon leverages SEONs custom rules to automate 95%+ of their fraud checks and save 75% of time
Founded in 2012 by brothers Chijioke and Ngozi Dozie, Carbon has provided digital financial services to over 1.8 million customers so far, with no signs of slowing down.
Knowing how limited access to credit prevents many people from pursuing the dignity and quality of life they deserve, Carbon set out on a mission to empower people with the financial access they need. The digital bank proudly offers loans that facilitate prosperity to anyone – as long as that borrower is safe. Therefore, Carbon needed to find a solution to filter out all potential fincrime, even among those with minimal financial records to check. The challenge was to be able to do this and not cause friction to non-fraudulent users.
Cecilia López, Head of Decisioning had this to say:
So what did Carbon do? They searched for a solution that was customizable and adaptable, and that allowed them to automate the majority of their fraud checks, which is where they found SEON. Carbon then went about working closely with SEON’s customer support teams to implement 150+ custom rules – a vast change from their original 10. This meant an incredibly precise set of rules that suited Carbon’s pain points specifically, reducing their manual check times from 20 minutes to just 5.
This not only freed up hours of valuable human resources at Carbon – previously the design and implementation of a single custom fraud rule took them 3 to 14 days – but also meant a smoother customer journey in an industry where digital banks are made or broken by ease-of-use, ease-of-access, and easy (minimal) paperwork.
Cecilia cemented her thoughts on the rule creation by saying:
After working closely with the incredible customer support at SEON we now have a deep understanding of the platform and are able to implement specific rules in under 5 minutes, truly emphasizing just how customizable SEON can be.
While chatting with Cecilia, her final comments were about how easy it is to blacklist multiple threats whose behavior tipped from black to red.
Thanks to our adoption of SEON, we have significantly improved our ability to blacklist threats, achieving dozens per minute compared to the previous rate of one per minute. This enhanced capability has enabled us to meet regulatory requirements while scaling our operations to cater to the rapidly expanding customer base. We are confident that with SEON, we can further increase this number without compromising our security measures.
For more information about Carbon, visit www.getcarbon.co